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Refer to the Scenario Below to Answer the Following Questions

question 56

Multiple Choice

Refer to the scenario below to answer the following questions.
Approaches to Social Responsibility (Scenario)
Marco was confused. His management class was focusing on social responsibility, and his assignment was to find examples of businesses that used different approaches toward social responsibility. He had three good examples but was not sure which case was an example of which concept. The first business was a fishing company that had been subject to protests from environmentalists. In their efforts to balance the interests of shareholders and other stakeholders, the company decided to change their harvesting methods so that dolphins would no longer be caught with the tuna. The second company was a fast-food restaurant whose primary objective was to maximize profits for its owners. Restaurant employees were paid minimum wages and benefits in accordance with local labour laws. The third business was a bank that spent millions of dollars a year on charitable causes. The bank's managers felt they had an ethical responsibility to do the right things and act in ways that are good for society.
-The approach taken by managers at the bank is best described as social _____.

Definitions:

Price Sensitivity

The degree to which the price of a product affects consumers’ purchasing behavior.

Broad Segmentation Bases

Wide-ranging criteria used to divide a market into distinct customer groups with varying needs, characteristics, or behaviors.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various prices during a given period.

Marketable

Refers to the ability of a product or service to be desired or bought by consumers due to its value, quality, or some other desirable attribute.